J.B. Poindexter & Co., Inc. Announces Closing of $200 Million Private Senior Unsecured Notes Offering

Portion of net proceeds will be used to invest in plant expansions, product development and strategic acquisitions and for general corporate purposes

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J.B. Poindexter & Co., Inc.

Oct 26, 2020, 13:36 ET

HOUSTON, Oct. 26, 2020 /PRNewswire/ -- J.B. Poindexter & Co., Inc. (the "Company"), a privately-held company, today announced that it has closed its private offering of $200 million aggregate principal amount of senior unsecured notes due 2026 (the "New 2026 Notes"), an increase of $50 million over its previously announced offering size. The New 2026 Notes were priced at 105.500% of the principal amount plus accrued interest from October 15, 2020 to the closing date and will bear interest at 7.125% per annum. The New 2026 Notes form a single series with, and have the same terms as, the Company's outstanding 7.125% senior notes due 2026 that were previously issued on April 16, 2018 (other than with respect to the issue price and the issue date).

The New 2026 Notes are guaranteed by certain subsidiaries of the Company. The Company will pay interest on the New 2026 Notes semi-annually on April 15 and October 15 of each year, beginning April 15, 2021.

The Company intends to use the net proceeds from the offering (i) to pay related fees and expenses, (ii) to invest in plant expansions, product development and strategic acquisitions and (iii) for general corporate purposes.

The New 2026 Notes were offered by the initial purchasers to persons reasonably believed to be "qualified institutional buyers" in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The New 2026 Notes have not been, and will not be, registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the New 2026 Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About J.B. Poindexter & Co., Inc.

J.B. Poindexter & Co., Inc. is a privately-held company that, through its business units, designs, manufactures and markets commercial truck bodies, step vans, service/utility truck and van bodies, commercial vehicle storage and shelving systems, pick-up truck caps and tonneau covers, funeral coaches and limousines, specialty oil and gas industry equipment and expandable foam packaging products. Since its formation in the mid-1980s, J.B. Poindexter & Co., Inc. has grown to be a manufacturing-focused business with four of its eight business units having leading market shares in their respective served markets in the United States and Canada.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "expected," "anticipate," "intends," "estimate," "forecast," "project," "should," "may," "will," "would" or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements related to the Company's intentions regarding the intended use of proceeds and other matters. These statements involve risks and uncertainties, and actual results may differ. These risks and uncertainties include, but are not limited to, the risks set forth in the offering documentation. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

SOURCE J.B. Poindexter & Co., Inc.